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The Oxford Companion to the Economics of China$
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Shenggen Fan, Ravi Kanbur, Shang-Jin Wei, and Xiaobo Zhang

Print publication date: 2014

Print ISBN-13: 9780199678204

Published to Oxford Scholarship Online: December 2014

DOI: 10.1093/acprof:oso/9780199678204.001.0001

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Trade policy reform and trade volume

Trade policy reform and trade volume

(p.156) 23 Trade policy reform and trade volume
The Oxford Companion to the Economics of China

Bin Xu

Oxford University Press

This chapter examines China’s trade policy reforms. China’s trade reform since 1978 has transformed its trading system from a central planning system to a market-oriented system and has significantly reduced trade barriers and relaxed exchange controls, making China one of the more open large economies in the world. China has also increased its openness to foreign direct investment (FDI). China’s trade volume rose from $38.1 billion in 1980 to $2972.7 billion in 2010. In 2010, China overtook Germany to become the world’s largest exporter. China remains the world’s second largest importer, behind the United States.

Keywords:   trade policy, policy reform, international trade, exports, imports, central planning system, market system, trade barriers

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